Delaying the creation and analysis of business reports for clients can be the whimsical dinosaur in your backyard! No matter your efforts in crunching numbers, poring over daily reports and papers unless the final report is consolidated and sent out, the danger of being swallowed whole by requestors (also dinosaurs!) looms large.
You continue to be the prey- unless you are ahead of your deadline.
But of course we all know, these business reports provide crucial information about the business and operational status of the business. Stakeholders and critical decision-makers demand a clear picture of the business to address operational inefficiencies or create goals and work harder towards the bottom-line, revenues. A lot is at stake, with the timely delivery of these reports to stakeholders. Above all, it is never too early to strike down this dinosaur- Delay!
Let us begin by understanding, why is all the fuss about delivering reports on time?
- Reports have a significant impact on business performance- more often than not delayed reports are the outcome of faulty/slipshod efforts.
- Delayed business reports also reveal productivity and efficiency problems within a business. Revisiting applications used is a good idea!
How do you demolish this demon in your backyard? Consider the following for starters.
- Make a clear list of month-end, weekend daily tasks with a clearly defined task owner and ensure these items are ticked off.
- Align your reporting efforts with the closing date of the books, thereby keeping track of all the data that is final before the close. Agree with all data owners, and have a common reporting calendar for relevant data.
- Regularly review P & L, cash flow, and balance sheet and do not wait up for the quarterly, half-yearly, or annual closing dates.
- Take double care to log in to every purchase religiously into the business account, including those in payroll, employee benefits, or business expenses.
- Put up KPIs on your dashboard; ensure your reports do not drift away from the objectives stated.
- Do not try to do it all at once, make periodic updates, double-check and recheck, use another pair of eyes if need be!
- Considered outsourcing? If you are a business owner reading this, the list of monthly reports such as business reports, balance sheets, cash flow statements can be easily obtained monthly once you entrust this task to an experienced business consultancy services provider.
Dealing with delays requires diligence. Do not deviate. This dinosaur may get wiped out from your backyard before you know it!